German markets: EGT curve gets stronger – BEB liquidity dies down
Generally, the German hubs followed the ups and downs seen in neighbouring markets since the beginning of August.
Liquidity at BEB was even sparser than usual, with sometimes only very few prompt trades reported. One market source said: “The BEB is not a real market anymore.” One reason could be that companies could not “get much in and out” of the BEB system, as capacity was often unavailable. “You can get stuck quickly”, the source added. Day-ahead at the north German hub was bullish, over the period covered, shedding more than three euros over the period covered and trading at around EUR 23.50/MWh in mid-August. In contrast, the EGT saw a flurry of activity on certain days. Day-ahead started at EUR 21.10/MWh, traded up to EUR 25.80/MWh, before softening again to trade around EUR 23.70-23.90/MWh. The average premium of the very prompt at EGT to its TTF counterpart stood at just under half a euro. Further out, activity was erratic, with a sudden interest in Calendar ’09 at some stage.
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